Thursday, December 28, 2017

Thursday Watch

Night Trading 
  • Asian equity indices are unch.  to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 66.75 -1.25 basis points
  • Asia Pacific Sovereign CDS Index 13.25 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 73.87 .
  • S&P 500 futures +.06%.
  • NASDAQ 100 futures +.12%.
Morning Preview Links

Earnings of Note

  • None of note
Economic Releases
8:30 am EST
  • The Advance Goods Trade Balance for November is estimated at -$67.9B versus -$68.1B in October.
  • Wholesale Inventories MoM for November is estimated to rise +.3% versus a -.5% decline in October.
  • Initial Jobless Claims for last week are estimated to fall to 240K versus 245K the prior week.
  • Continuing Claims are estimated to fall to 1900K versus 1932K prior.
9:45 am EST
  • Chicago Purchasing Manager for December is estimated to fall to 62.0 versus 63.9 in November.
11:00 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -3,844,200 barrels versus a -6,495,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +1,290,300 barrels versus a +1,237,000 barrel gain the prior week. Distillate inventories are estimated to rise by +85,600 barrels versus a +769,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.15% versus a +.7% gain prior.
Upcoming Splits
  • (NEOG) 4-for-3
Other Potential Market Movers
  • The China Account Balance, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the $26B 5Y T-Note auction could also impact trading today.
BOTTOM LINE:  Asian indices are higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.

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